NSE’s Market Capitalisation Plummets By N80bn As Cutix, Caverton, 7up Shed Weight

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The Nigerian equities market recorded a decline of 0.88 per cent in its index at the close of trading yesterday following dropping from 26,580.22 points to close the day at 26,346.24 points.

Lead market indicator of the Nigerian Stock Exchange All share Index (NSE ASI)on Tuesday recorded a decline of 0.88 percent and dropped by 233.98 points to close the day at 26,346.24 points from the gain of 328.83 points on Monday when the ASI closed at 26,580.22 points.

Market capitalization also dropped N80.5 billion to close at N9.065 trillion, in contrast to N113.1 billion gained previously to close at N9.146 trillion.

The poor performance was preceded by decline across sub-sector indices most of which dropped in the course of the day’s trade. The Banking index fell 2.81 percent, The Main Board dropped 1.05 percent and the NSE 30 fell by 1.04 percent. The NSE Oil and Gas Index however recorded a growth of 0.15 Percent consequent on gains in Total and Oando.

Market Statistics showed that investor sentiments turned negative as market breadth closed with 19 gainers against 25 losers.

Cutix led the day’s decliners with descended by 9.52 percent to close at N1.71, Caverton dropped 9.30 percent to close at 78 kobo per share, 7up depreciated 9.10 percent to close at N111.40, Fidson fell 4.51 percent to close at N1.27 per share, while May Baker depreciated 4.26 percent to close at 90 kobo per share.

On the flip side UAC-Prop, led the advancing stocks by 5 percent to close at N3.15 per share, Continenetal Reinsurance followed with an increase of 4.76 percent to close at N1.10 per share, Nigerian Aviation Handling Company grew 4.63 percent to close at N2.71 per share, Air Service appreciated 4.40 percent to close at N2.61 per share and Wapic gained 3.85 percent to close at 54 kobo per share.

A cumulative overview of the day’s transactions showed that investors in 3,423 deals traded 219 million units of shares valued at N1.4 billion.

Financial Services stocks retained their positions at the top of activity chart, as Omoluabi Savings and Loans emerged the topmost traded stock with 93.5 million shares worth N83.9 million. Fidelity Bank followed with 39.4 million shares worth N36.0 million while FCMB was next with 37.1 million shares amounting to N49.4 million.

Custodian and Allied Insurance came fourth on the day’s activity chart having traded 35.9 million units of shares valued at N134.8 million while Diamond Bank was fifth with 27.9 million shares worth N27.9 million.

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